The respiratory disease testing market is estimated to be valued at US$ 3,232 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The respiratory disease testing market covers testing solutions for various respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and various other respiratory infections. The testing includes imaging tests, respiratory measurement tests, blood gas tests, and other molecular diagnostic tests. These tests aid in early detection and diagnosis of respiratory diseases, enabling timely treatment interventions.
Market Dynamics:
The respiratory disease testing market is driven by the rising prevalence of respiratory diseases globally. As per the Centers for Disease Control and Prevention (CDC), in 2017, around 25 million adults and 8 million children in the U.S. suffered from asthma alone. Moreover, various environmental factors such as rising air pollution levels and toxic fumes are contributing to the development of respiratory diseases, thereby increasing demand for advanced respiratory testing solutions. Additionally, new product launches and expanding applications of molecular diagnostics in respiratory disease testing are also expected to aid market growth over the forecast period.
SWOT Analysis
Strength: Respiratory Disease Testing has strong growth potential due to rising pollution levels and growing elderly population globally. It provides non-invasive tests that help in early disease detection. Many tests such as CT scans and pulmonary function tests can detect over 20 diseases.
Weakness: High cost of specialized equipment and tests limit widespread adoption. Dependency on skilled technicians for performance and interpretation of diagnostic tests.
Opportunity: Untapped developing markets and rising healthcare spending in Asia Pacific and Latin America provide major growth opportunities. Growing adoption of home monitoring solutions extend the reach of diagnostic tests.
Threats: Alternative diagnostic methods and therapies pose competition. Stringent regulatory approvals and reimbursement policies delay product adoption.
Key Takeaways
The Global Respiratory Disease Testing Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing burden of respiratory diseases worldwide. Factors such as growing geriatric population, rising pollution levels, and smoking prevalence are driving the need for early diagnosis and treatment.
Regional analysis:
North America currently dominates the global market accounting for over 35% share, led by availability of advanced healthcare facilities in the US and Canada. However, Asia Pacific is projected to witness the fastest growth during the forecast period, attributed to large patient pool, improving healthcare infrastructure and rising medical tourism in China, India and Southeast Asian countries.
Key players
Key players operating in the Respiratory Disease Testing market are CareFusion Corporation, Carestream Health, Inc., COSMED, Futuremed America, Inc., GE Healthcare, MGC Diagnostics Corporation, ndd Medical Technologies, Inc., Nihon Kohden Corporation, Perkin Elmer, Inc., FUJIFILM Healthcare Corporation, Philips Healthcare, Roche Healthcare, Koninklijke Philips N.V., ResMed Inc., Medtronic, Abbott Diagnostics, and Quest Diagnostics. These players are focusing on new product launches, regional expansion and mergers & acquisitions to gain major market share.
